Find the Best Car Title Loans in Las Vegas, NV

How to get a title loan in Las Vegas

A title loan in Las Vegas allows you to borrow funds for 30 to 210 days while the lender holds on to your vehicle’s title. For car owners who temporarily need an increase in cash flow, title loans have many benefits:

• It’s easy to qualify. As long as you have an ID, vehicle and a clear title in your name, you’re nearly there. Good credit isn’t necessary. Depending on the lender, you might also need proof of insurance, proof of address or proof of some income.
• Borrow significant money. Lenders may offer title loans up to the fair market value of the vehicle. Get cash fast. If you qualify, cash is often available on the same day.
• Drive away in your car. During the loan period, you will continue to have your car.

Still, you need to exercise caution and think carefully before accepting a title loan. Any agreement comes with the risk of losing your vehicle if you can’t pay back the loan. And title loans are expensive: Nevada does not limit the interest rate lenders can charge, so the annual percentage rates (APR) are extremely high (e.g., 300 percent).

For these reasons, think about alternatives first, such as borrowing from a family member or friend, getting a loan from a bank or credit union or asking for extensions from creditors.

If you do decide a title loan is your best option, search for terms most favorable for your financial situation, and read any loan agreement carefully for information about due dates, charges and fees and how to make payments. Recognize that the shorter the term, the less you will pay in finance charges.

If you do find yourself in a situation where you can’t pay back the loan, Nevada does allow up to six 30-day extensions. To avoid this scenario and the extra costs you’ll incur, follow this simple rule: Only borrow what you can afford to repay.